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PENFED question

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PENFED question

I joined PENFED last year in hopes to rebuild my credit some.  Unfortunately at the time I dind't know how strict they were and my EQ score which is the only one they pulled was around 540.   They allowed me to join, but wouldn't even give me a checking account and only allowed me to open a regualr share account.  Today my EQ score is 627 according to my Experian credit monitoring.  I've been thinking about calling them and having them run my credit again to see if I can open a checking account and possibly a credit card.  

Do you all think it's worth the inquiry at this point?  I only have 4 inquiries on my EQ at the moment for the last two years.  They pulled my scores last October.  

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Re: PENFED question


@WarthogWrangler wrote:

I joined PENFED last year in hopes to rebuild my credit some.  Unfortunately at the time I dind't know how strict they were and my EQ score which is the only one they pulled was around 540.   They allowed me to join, but wouldn't even give me a checking account and only allowed me to open a regualr share account.  Today my EQ score is 627 according to my Experian credit monitoring.  I've been thinking about calling them and having them run my credit again to see if I can open a checking account and possibly a credit card.  

Do you all think it's worth the inquiry at this point?  I only have 4 inquiries on my EQ at the moment for the last two years.  They pulled my scores last October.  


PenFed likely won't give you a credit card until your EQ score is 650+. I had a CS rep tell me that before I applied and said I should wait until I was above 650 to apply. He also said that they normally don't approve people who have any collections on their EQ reports. I listened to his advice and waited until my EQ scores were 675 and I was approved for both the Gold and the PowerCash Rewards. I also had one collection that was only reporting to EQ and waited until that was removed as well. 

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
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Re: PENFED question

Thaks for that information.  At the time when I first applied I did have some collection accounts that I have since paid off or had removed.  I no longer have any collections, but I do have a few old charged off accounts that aren't listed as collections.  

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Re: PENFED question

PenFed gave me the thumbs up when I hit 665. No negatives, no collections (BK finally dropped off my EQ last month). $5k opening TL. 




FICO 8 (7/24/19) EX: 682, EQ: 701, TU: 700

FICO 8 (10/14/19) EX: 710, EQ: 711, TU: 709
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Re: PENFED question

While I can understand your wish to expand your relationship with them you are still in the rebuilding phase of your credit background. PenFed will be interested in you shortly but at this time you need to stay patient. Right now you need to keep waiting and keep raising that score past 650 and even preferably past 700. PenFed is a military CU so they will be strict like in the military but will also offer much rewards for your credit service when you really qualify. I recommend taking some time in the garden and cleaning up your reports.

TU:795 10/08/18 Synchrony--EX: 758 10/26/18 Discover--EQ:810 09/25/18 Citi--Gardening since 12/11/19
Active:
Bank of America (Better Balance Rewards M, Cash Rewards WM, Cash Rewards VS), Blispay V, Capital One (Quicksilver VSC, Walmart WMC), Chase(AARP VSC, Amazon Prime VSC, Freedom VSC, Slate VC), Citi Dividend M, Citizens GreenSense M, Discover It, FedEx Employee Credit Association V, FNBO Ducks Unlimited VS, PenFed Platinum Rewards VSC, Synchrony Bank(PayPal Credit, PayPal 2% Cashback M), UMB Bank Simply Rewards V(Milford Federal), US Bank Cash+ VS
Wishlist: Bellco Colorado Rewards, EBates, Marvel, Nusenda Platinum Cash Rewards, PenFed Pathfinder, Security Service Power Travel Rewards, Vantage West Connect Rewards, Wells Fargo Propel
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